Electronic commerce, or “e-commerce” as it is more commonly known, has become one of the most prevalent means for conducting transactions both domestically and internationally. E-commerce can generally be typified as the buying and selling of products or services over electronic systems, such as the Internet and other computer networks. Various forms of electronic payment instruments, such as credit cards, debit cards, pre-paid value cards, cash cards, gift cards, gift certificates, and the like, have been used to facilitate commercial transactions, including web-based (e.g., “e-commerce”) transactions and brick-and-mortar (e.g., “store front”) transactions. Conventional pre-paid payment mechanisms are typically acquired by a purchaser for value from a seller. The seller can take on various known forms, such as banks and other financial institutions, retailers, online institutions, and other types of entities. The purchaser typically provides value (e.g., currency) to the seller and, in exchange, is issued a pre-paid payment instrument, e.g., by delivering or otherwise associating the value with a pre-paid payment instrument. Traditionally, once the seller completes the initial transaction of selling and providing the pre-paid payment instrument to the purchaser, the seller tracks purchases against currency value attributed to the pre-paid payment instrument.
In a conventional gift card scenario, the originating purchaser is required to travel in person to a brick-and-mortar store and purchase a card that is associated with a certain amount of stored value. Once acquired, the originating purchaser must then mail or otherwise deliver the gift card to the intended recipient, who typically redeems the value of the gift card by traveling to the store, picking out an item for purchase, and presenting the gift card at a point-of-sale terminal as a form of payment. Generally speaking, this scenario is inconvenient for both the originating purchaser and the recipient because of the additional personal time and money required to travel to the store for the original purchase of the gift card as well as subsequent purchases with the gift card. Even for the merchant, this situation may be undesirable due to avoidable overhead costs and personnel time associated with stocking, displaying and selling gift cards. Moreover, gift card redemption is typically limited to a single retailer such that the gift card can be redeemed at that retailer's stores only.
With the advent of the internet and the World Wide Web, internet-based “online” systems enable shoppers to purchase items, such as gift cards or prepaid cards, from home using personal credit cards and a personal computer. In a typical online gift card purchase, the purchaser is required to access a specific website for a desired online retailer, navigate the website to determine where gift cards are available for purchase, choose a gift card and associated value, enter personal shipping and billing information, and, once the transaction is complete, then wait for the gift card to be delivered. The processes and interfaces for purchasing gift cards from an online retailer can oftentimes be confusing and time consuming to the purchaser. Moreover, the originating purchaser or the intended recipient must wait until the gift card is physically shipped and received before they can redeem the value of the card. There are also security risks associated with conducting electronic transactions over the internet. These issues are exacerbated by purchases made electronically with portable computing and cellular devices, such as laptop computers and smartphones, which are more susceptible to loss, theft and tampering than desktop computers.
Various mechanisms have been proposed to provide security and convenience for transactions conducted electronically, especially with respect to individual consumers using mobile computing and cellular devices to purchase goods and services over the Internet from online retailers. For example, a digital wallet (also known as an electronic wallet or “e-wallet”) is a software component, typically consisting of various sub-component software components, modules, and the like, that allows a consumer to make a secure electronic payment with an electronic payment instrument, such as a credit card or debit card, during an e-commerce transaction. The software includes features that provide security and encryption for personal information used to conduct the electronic transaction, such as credit card information, bank account information, and other sensitive information. The digital wallet can thus hold a consumer's payment information, a digital certificate to identify the consumer, shipping/address information, and the like to speed transaction processing. Consumers benefit from using a digital wallet because their information is encrypted against piracy, and the digital wallet can automatically input shipping and other necessary information to complete the transaction.
Most digital wallets are stored “client side” on the consumer's personal computer (PC) or smartphone, and are self-maintained. Digital wallets may also reside on a remote, non-consumer owned and operated server, such as a retailer server, a financial institution server, or a digital wallet company server. A “server side” digital wallet, also known as a “thin wallet,” is one that an organization creates for and about an individual consumer. Server-side digital wallets are gaining popularity among major retailers due to the security, efficiency, and added utility it provides to the end-user, which increases customer loyalty and purchase frequency. Nevertheless, digital wallets are typically limited in their overall functionality and in the types of information that can be stored in a digital wallet. What is needed are digital storage and security applications for mobile computing and cellular devices that offer the security and benefits of server-side digital wallets, but can be maintained client side on, accessed through and modified with a consumer's portable computing or cellular device. There is also a need for digital storage and security applications that offer more functionality beyond just storing and encrypting personal shipping and bank account information.